Plan for Social Security or pension benefits

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When you retire, you'll stop receiving your career-based salary and will likely receive Social Security or pension benefits instead. Money assumes that this change in income happens when you turn the retirement age you enter in the About You place (in the Lifetime Planner).

Remember these things about Social Security:

• You must contribute to Social Security for at least 10 years before retirement to be eligible for Social Security benefits after you retire.
• You are eligible for full benefits at age 65, 66, or 67, depending on your birth year.
• If you retire early, you can begin receiving Social Security payments as early as age 62, but the payments will be smaller than if you waited until your full eligibility age (65-67).
• If you retire later than your full eligibility age (65-67), your payments increase. Maximum payment amounts are available for anyone who waits until age 70 to receive Social Security payments.
• Depending on the pension or retirement plan you participate in, you may or may not be eligible for Social Security benefits. Refer to your pension plan administrator for more information.
• Money assumes a conservative annual growth rate of 2% for your Social Security or pension benefits.

Social security calculations copyright ⌐ CCH Incorporated, 1997.

If I've already retired, should I enter my pension or Social Security benefits as my salary in <Your> Career place?